The South Jersey Democrat leader George Norcross and a group of businessman announced today they will buy Philadelphia's two major daily newspapers, The Inquirer and the Daily News, and the website philly.com for $55 million.

The purchase of Philadelphia Media Network Inc. from a group of hedge funds underscored the growing influence of Norcross, 56, a wealthy insurance executive and arguably the most powerful Democrat in New Jersey.

(snip)

"I don't think George is buying this paper because he's a big believer in the first amdendment or because he wants to hold the powerful accountable," Paul Davies, a former deputy editor of the editorial page at the Inquirer, said. "He's buying it to use it as a tool."

The political boss George Norcross holds no job or title at the Delaware River Port Authority. Yet in the state comptrollers scathing report about financial mismanagement there, guess who plays a starring role?

Turns out, Norcross got kickbacks for steering insurance contracts from the state agency, according to the report. And what makes it worse is that using political juice like this, while a crime in some states such as New York, is apparently legal in New Jersey. That clearly needs to change.

State Comptroller Matthew Boxer has just completed an investigation  ordered by the governor  of the DRPA, the agency that controls several bridges connecting South Jersey to Pennsylvania. He found that its wasted millions. It sunk tollpayer money into the pockets of friends, political allies and profiteering middlemen, he found. And lo and behold, Norcross stands tall among them.

Not surprising, since the Democratic power broker runs South Jersey  but prefers to do so behind the scenes. Norcross, also the biggest name in the states insurance brokerage business, allegedly orchestrated a payment of $410,000 to his own company in return for recommending another insurance broker for the authority.

Here's a guy, Rendell, who has spent 75% of his life on the public dole since he got out of school in 1968. How does he accumulate so much wealth to become involved in this purchase?

Some notable quotes from this article:

"South Jersey Democrat leader George Norcross and a group of businessman announced today they have agreed to buy Philadelphia's two major daily newspapers, The Inquirer and the Daily News, and the website philly.com for $55 million."

"I don't think George is buying this paper because he's a big believer in the first amendment or because he wants to hold the powerful accountable," Paul Davies, a former deputy editor of the editorial page at the Inquirer, said. "He's buying it to use it as a tool."

This is like buying the Titanic after it hit the iceberg. These papers are losing money and readers. They will be bankrupt in a few years. I hope these corrupt Democrats lose millions and are responsible for workers retirement funding after the papers go bankrupt.

It doesn’t matter how much money the papers lose. The buyers understand that the papers will continue to lose money. That “loss” however, will pale in comparison to how much money this group of rats will rake in by using these papers as “tools” of political influence whether it be by shading editorial content in favor of the rat party, spinning news in favor of the rat party, or spiking stories embarrassing to the rat party.

Believe me, this guy Norcross suddenly has more rat “friends” than ever.

Maybe so, but Norcross is a Democrat of the old time hack boss type. This guy is into making money for himself. The fossil Lautenberg isn’t happy about this move. At this moment the Norcross South Jersey machine has launched full scale war against Lautenberg. It will be fun to read the coverage Lautenberg gets from the Philly papers.

Same here. It reminds me of when Democrat Jane Harmon's (D - CA) husband bought Newsweak Magazine for $1 a few years ago.

The sale comes as Philadelphia Media Network confronts newsroom layoffs in a continuing effort to cut costs amid a decline in print advertising revenue. The company eliminated 45 jobs in March, and last Tuesday said it would cut an additional 35 positions over the next six months.

In 2010, the hedge funds Angelo Gordon and Alden Global Capital, with banks that held the company's debt, bought the company for $138 million.

These hedge fund managers are not stupid. There is a game being played here.

Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.